In 2020, India’s digital payments landscape witnessed a pivotal shift. The NPCI, one of India’s leading payments think-tanks, made two decisive moves: firstly, breaking the dominance of the Big Three – GooglePay, PhonePe, and PayTM – by capping their market share, and secondly, opening the doors for new players through a rigorous TPAP certification process. These bold decisions spurred a wave of innovation and competition within the UPI ecosystem.
A new era for TPAPs
Third-Party Application Providers, known as TPAPs, are entities that provide applications or platforms to facilitate UPI payments.
The NPCI’s ‘volume cap’ circular marked a new era for TPAPs. Several new TPAPs emerged, partnering with existing Payment Service Providers (PSPs) to launch their UPI apps. However, as early entrants on this product, many encountered unforeseen challenges.
First and foremost, businesses took a minimum of 6-8 months to get certified by the NPCI and go live with the product. They typically partnered on a single-bank model with old-school PSPs that ran operations on legacy infrastructure.This led to delays and high latency issues, hindering scalability and innovation. Customer acquisition also proved to be a costly affair for new players who faced the entrenched loyalty of consumers towards established players.
A groundbreaking solution: Razorpay UPI TPAP Pro
Recognizing these hurdles, Razorpay has risen to the occasion with a groundbreaking solution: Razorpay UPI TPAP Pro. This revolutionary offering empowers you to build and power your own UPI app on a future-proof, best-in-class tech stack, strategically designed to overcome the limitations faced by early entrants. Designed to power existing TPAPs with a future-first tech stack and new apps, Razorpay is all set to take the market by storm, starting with MakeMyTrip as the first merchant to go live on Razorpay UPI TPAP Pro.
Why Razorpay UPI TPAP Pro
Whether you’re an ambitious newcomer eager to launch your own UPI app or an established player seeking a performance boost, the Razorpay UPI TPAP as-a-Service will help you unlock new horizons.
- Unfettered Scalability: Handle 10,000 transactions per second with sub-100ms latency. Our cutting-edge infrastructure ensures your app seamlessly scales to meet even the most explosive growth.
- Rock-Solid Reliability: Enjoy 99.99% uptime with our secure, cloud-based architecture. Focus on your core business, while we handle the infrastructure seamlessly.
- Effortless Customer Acquisition: Increase your user base 10x faster by leveraging Razorpay’s extensive network and prominent visibility on our checkout page. Attract users with minimal marketing effort.
- Multi-Bank Powerhouse: Integrate once, go live with multiple Razorpay-powered banks instantly through our lightning-fast UPI Switch. Eliminate bank-hopping bottlenecks and access diverse banking options.
- Streamlined NPCI Certification: Navigate the certification process with ease with Razorpay as your trusted go-to-market partner. We’ll provide expert guidance and support, paving the way for a smooth launch.
Razorpay UPI TPAP Pro is not just a tool, it’s an opportunity. It’s your chance to rewrite the rules of the UPI game, break free from established limitations, and propel your business to new heights. Join the next generation of innovative TPAPs and experience the future of digital payments today.
